Replication data for: The Nature of Credit Constraints and Human Capital

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Project Citation:

Lochner, Lance J., and Monge-Naranjo, Alexander. Replication data for: The Nature of Credit Constraints and Human Capital. Nashville, TN: American Economic Association [publisher], 2011. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-12-06. https://doi.org/10.3886/E116099V1

Project Description

Summary: We develop a human capital model with borrowing constraints explicitly derived from government student loan (GSL) programs and private lending under limited commitment. The model helps explain the persistent strong positive correlation between ability and schooling in the United States, as well as the rising importance of family income for college attendance. It also explains the increasing share of undergraduates borrowing the GSL maximum and the rise in student borrowing from private lenders. Our framework offers new insights regarding the interaction of government and private lending, as well as the responsiveness of private credit to economic and policy changes. (JEL D14, H52, I22, I23, J24)

Scope of Project

JEL Classification:
      D14 Household Saving; Personal Finance
      H52 National Government Expenditures and Education
      I22 Educational Finance; Financial Aid
      I23 Higher Education; Research Institutions
      J24 Human Capital; Skills; Occupational Choice; Labor Productivity

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V1 [2019-12-06]

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